Highlights:
- ONDO is one currently trading between $0.785 resistance and $0.6535 support
- ONDO could rally to $1 if the $0.785 resistance is broken
- Breakout could be triggered by Bitcoin rallying back to $60k
The cryptocurrency market has been relatively subdued today, with most coins experiencing minimal price fluctuations. ONDO, one of the promising altcoins, is currently reflecting this trend. As of the latest trading data, ONDO has dipped by 2.43%, trading at $0.7309. This price action is closely tied to Bitcoin, the leading cryptocurrency by market cap, which has also seen a slight decline over the past 24 hours.
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Bitcoin’s Price Action: A Key Factor in ONDO’s Direction
Bitcoin’s recent drop below the $59,000 mark has ripple effects across the broader crypto market, including ONDO. However, market sentiment suggests that Bitcoin bulls are regaining strength, potentially pushing its price back above $59,000 or even reaching the $60,000 threshold soon. This bullish momentum for Bitcoin is a positive indicator for ONDO, which often mirrors Bitcoin’s price movements.
New Exchange Listings Drive Demand
Despite today’s dip, ONDO has several underlying factors that could support a significant price increase in the near term. One of the primary catalysts is the growing number of cryptocurrency exchanges listing ONDO. Recently, Hashkey Global added ONDO to its platform, just two weeks after ONDO was listed on OKX. These new listings enhance ONDO’s accessibility to a broader range of investors, which could drive demand and its price, especially if the market turns bullish.
📣 @HashKey_Global is listing $ONDO! 📣 https://t.co/XROZ1FRWjw
— Ondo Foundation (@OndoFoundation) August 13, 2024
Technical Analysis – ONDO Consolidation and Potential Breakout
Technically, ONDO is consolidating, with support at $0.6535 and resistance at $0.785. The market’s consolidation phase indicates indecision about the next move, but momentum leans toward an upward breakout. The bulls have already tested the $0.785 resistance level once, and if they can successfully push through this barrier, ONDO could rally to $1 or even higher.
Conversely, if bearish forces prevail and ONDO falls below the $0.6535 support level, it could trigger a correction, potentially driving the price down to $0.50 in the short term. However, given the current market dynamics, the likelihood of a bullish breakout seems higher. Bitcoin’s stabilizing price and potential rally could act as a catalyst for altcoins, including ONDO.
Fundamental Strength: BlackRock’s BULDL Program
Fundamentally, ONDO stands out as one of the most robust cryptocurrencies in the market. It is part of BlackRock’s BULDL program, with BlackRock actively utilizing its platform. This association with a major financial entity like BlackRock enhances ONDO’s credibility and its potential for long-term growth.
Me checking if Blackrock is still using $ONDO platform, can confirm made deposit 3 hours ago as if nothing is happening lol. Not sure how cooked macro & crypto market is, I dont play bottom guessing games, buy, dca, pray 😂 pic.twitter.com/umtI6mxyQD
— KryptoKami (@sircryptokami) August 5, 2024
The Rise of Asset Tokenization
To add to the BlackRock angle is the fact that asset tokenization is experiencing rapid growth. This presents a significant plus for ONDO in the long term. The yieldcoin market, for instance, has nearly doubled in size since the beginning of 2024, reaching $1.6 billion. This rapid growth can be attributed to three key factors: the growing demand for a USD-denominated asset available 24/7, the need for a short-duration, liquid cash management solution, and the increasing recognition of the additional utilities offered by yieldcoins.
ONDO recently became the first tokenization project to surpass $550 million in Total Value Locked (TVL). As institutional and commercial entities become more familiar with yieldcoins, ONDO stands to benefit immensely. This expanding market could drive further adoption and increase ONDO’s value in the long run.
Outlook: Bullish Signals on the Horizon
ONDO appears well-positioned for a bullish breakout, supported by strong fundamentals and technical indicators. Investors are keenly watching Bitcoin’s price movements, as a rally in Bitcoin could lift the entire crypto market, ONDO included. $1 is a realistic short-term target for ONDO.
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